2025欧洲回购市场最佳实践指南

About ICMA ICMA is a not-for-profit membership association that serves the needs of its wide range ofmember firms in global capital markets. Currently ICMA has around 620 members in over 70jurisdictions. Among its members are private and public sector issuers, banks and securitieshouses, asset managers and other investors, capital market infrastructure providers, centralbanks, law firms and others. ICMA market conventions and standards have been the pillars of the international debtmarket for more than 50 years, providing the framework of rules governing market practicewhich facilitate the orderly functioning of the market. Since the early 1990’s, ICMA hasplayed a significant role in promoting the interests and activities of the international repomarket, and of the product itself. ICMA’s European Repo and Collateral Council (ERCC)represents the firms active in Europe’s cross-border repo and collateral markets. This guide has been authored by Richard Comotto, Senior Adviser to the ICMA, and is reflectiveof substantial input from member firms of the ICMA European Repo and Collateral Council. Preface ICMA’s European Repo and Collateral Council (ERCC) was established in December 1999, as theEuropean Repo Council (ERC), to represent the cross-border repo market in Europe. In 2015 itwas decided to change the name of the ERC to the ERCC in order to recognise the increasinglyintimate relationship between repo and collateral and the ERC’s substantial focus on collateral.Since the financial crisis of 2007, the importance of collateral has grown significantly, and therepo market is the main means by which collateral is sourced, priced and circulated. Membership of ICMA’s ERCC is open to all ICMA members who transact repo and/or managecollateral in Europe. Currently, there are around 120 members comprising the vast majority offirms who are actively involved in this market. A key role of ICMA’s ERCC has been to develop consensus solutions to issues arising in a rapidlyevolving marketplace, consolidating and codifying best market practice and working tostandardise repo documentation. The Global Master Repurchase Agreement (GMRA), publishedby ICMA and supported by annually-updated legal opinions in respect of over 70 jurisdictions, isthe predominant standard master agreement in the cross-border repo market and manydomestic markets. ICMA’s ERCC also plays a significant role in nurturing the growth and wider use of the repomarket in Europe, among both banks and their customers, by providing education and marketinformation. In addition, ICMA has been conducting asemi-annual surveyof the European repomarket since 2001. During this period, this survey has become regarded as the most authoritativeindicator of the size, structure, and dominant trends in the European repo market, and thisremains the case today, despite the go-live of reporting under the EU Securities FinancingTransactions Regulation (SFTR) back in 2020. This latest version of the Guide introduces a number of new guidelines intended to addressissues that have arisen since the last publication, as the market continues to evolve and develop.These are intended to provide additional clarification and market best practice for practitionersin the European repo market. Since 2020, ICMA also maintains a complementary best practice guide: theICMARecommendations for Reporting under SFTR, that aims to help members interpret the regulatoryreporting framework specified by ESMA and sets out complementary best practicerecommendations to provide additional clarity and address ambiguities in the official guidance. Bryan PascoeChief Executive International Capital Market Association (ICMA) Gareth Allen, UBS AGChairmanICMA European Repo and Collateral Council (ERCC) Contents 1Purpose and scope of the Guide ................................................................................... 72Best practice in initiating a repo transaction................................................................. 9Be certain of the identity of your counterparty.................................................................... 9The need for clear communication..................................................................................... 9How to quote the price of a repo...................................................................................... 10How to quote the Purchase Price .................................................................................... 10What is the transaction date (T) of a repo?...................................................................... 11Fixing the Purchase and Repurchase Dates.................................................................... 11Termination of repos late in the day................................................................................. 19Negotiating repos with the intention of registering them with a CCP after agreement ...... 20Allocation of collateral in a general collateral (GC) repo ..........